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Author: Sulaiman Bhimani

I am the President and Founder of NGO called the Citizens Justice Forum (Reg No. E-28689 Mumbai) Our NGO is primarily functioning to address, resolve and put to rest the grievances of masses at large particularly those sections of society who are underprivileged, ignorant and unaware about their legal rights given to them by the Indian Constitution and are being exploited legal system. In short, we aim to assist those who seek justice, achieve their rights given to them by law. Once such issue is brought to our notice by aggrieved citizens, we after a thorough study of the issue we represent the suppressed, aggrieved and neglected citizens. By taking up their issues with higher authorities and put the issues in Public domain through social media posting on blogs, tweet them or publish in Main Media as the case may be. Keeping in mind at all times the benefit and up-liftment of the aggrieved citizens, the gross injustice done to the citizen of India who ought to be protected by the hands of law and hence we take this initiative to address their issues.

About Sulaiman Bhimani

I am the President and Founder of NGO called the Citizens Justice Forum (Reg No. E-28689 Mumbai) Our NGO is primarily functioning to address, resolve and put to rest the grievances of masses at large particularly those sections of society who are underprivileged, ignorant and unaware about their legal rights given to them by the Indian Constitution and are being exploited legal system. In short, we aim to assist those who seek justice, achieve their rights given to them by law. Once such issue is brought to our notice by aggrieved citizens, we after a thorough study of the issue we represent the suppressed, aggrieved and neglected citizens. By taking up their issues with higher authorities and put the issues in Public domain through social media posting on blogs, tweet them or publish in Main Media as the case may be. Keeping in mind at all times the benefit and up-liftment of the aggrieved citizens, the gross injustice done to the citizen of India who ought to be protected by the hands of law and hence we take this initiative to address their issues.

22nd June, 2016: When builder Anil Aggarwal's Skyline Construction Co approached Axis Bank for a project loan for RNA Exotica in 2011, the bankers forgot simple arithmetic. On two separate instances -- in 2011 and in 2013 -- Axis Bank's SME loans division gave loans of Rs 75 crore and Rs 100 crore against hugely inflated mortgages of floor space in RNA Exotica. The flat size was inflated by 500 to 700 square feet per flat, and the number of unsold flats mortgaged was inflated by a couple of hundred flats in 2013. Anil Aggarwal, like Anil Kapoor (you know, the chap who sang, "One-two-ka-four, four-two-ka-one, my name is Lakhan") sang a seductive song to Axis Bank executives, who were more than willing to be seduced.

The late Anil Aggarwal's version of one-two-ka-four sounds like this: "770 square feet flat ka 1299 and 979 sq. ft. ka 1650... My name is RNA Corp! Jadoogar Anil Agarwal said 168 sold flats in 2011, but 66 sold flats in 2013. Numbers mein kya rakha hai? Now gimme your money, sweetheart." The sweethearts at Axis Bank gave the builder a Rs 75 cr line of credit in March 2011, and beefed it up to Rs 100 crore in March 2013, even as the value of the collateral fell sharply!

The sale deed of flat no. D-1903 booked by actor Arif Zakaria shows 979 sq. ft. whereas the mortgage deed shows 1650 sq. ft. So, RNA Corp has represented to Axis Bank that this flat is 671 sq. ft. larger than its actual carpet area! And Axis Bank has unquestioningly accepted this figure as a basis for its mortgage!

This raises the question whether Axis Bank has double-standards – one for people like you and me, and another for people like Anil Aggarwal. Would Axis Bank have sanctioned a loan against our flats if you and I cited Super Built Up area instead of the carpet area?

Axis Bank loan was Supersized while RNA Exotica was Downsized:

RNA's Skyline Construction Co.'s March 2011 loan was of Rs 75 crore. In March 2013, Skyline prepaid the RNA Exotica project loan and got the mortgage released, and immediately took a fresh loan of Rs 100 crore. Unsold flats of RNA Exotica were mortgaged to Axis Bank. The 2011 mortgage deed shows the number of sold flats as 168 (2,41,350 sq. ft.), with a table of flat-buyers' names and flat numbers. The 2013 mortgage deed claims that the number of sold flats supposedly dropped down to 66 (i.e. 94,951 sq. ft.). How? Did Skyline sales staff spend two years buying back over 100 flats from investors, instead of selling additional flats? There is no table of sold and unsold flats in the March 2013 mortgage deed.

Why this reduction in the number of sold flats? Because RNA Corp, which had gone to town in 2010 claiming that RNA Exotica would be a 48-storey tower, (i.e. 10 floors podium parking, one floor E-deck, plus 37 upper floors) was not getting MMRDA's permission for building that many floors.

The March 2011 mortgage deed is based on calcuations of 30 upper floors (i.e. 459 flats, 16 flats per floor). In March 2013, there is reduction of 35 flats. That means roughly two floors less, bringing the total to about 28 upper floors. But is that final? NO!

According to a source at MMRDA, RNA Corp in June 2016 has permission to build only 21 upper floors. Frantic efforts are being made by the builder to get this raised to 25 upper floors. Even if such efforts succeed, further reduction of 48 flats will happen – i.e. a total reduction of about 80 flats. The top floor will be 36th floor (i.e. 10+1+25).

In 2013, Anil Aggarwal's big problem was: How to get a higher loan amount sanctioned from Axis Bank against a much smaller mortgage? The solution was: by reducing the number of sold flats, the "stock" of mortgagable unsold flats would appear higher. (So, what is the real number of sold flats? My guesstimate is: if 168 flats were already sold in March 2011, then 100 more flats in the next 24 months @ four flats per month. So, 268 sold flats were falsely declared as 66 flats. If each flat is valued at Rs 1.5 cr on average, the property mortgaged to Axis Bank was worth Rs 300 cr less than claimed!)

All this financial jugglery for downplaying the risk of RNA Exotica becoming a Stressed Asset! RNA Corp has defaulted on smaller loans from Bank of India and State Bank of India. This auction notice says that RNA Corporate Park defaulted on SBI for Rs 61.50 crore, for which mortgaged land parcels in Palghar district will be auctioned. And this letter from Bank Of India to the secretary of RNA Royal Park, Kandivali, tells a similar story of default and bank recovery proceedings.

SBI is struggling to recover an amount of Rs 61.5 cr by auctioning land plots that turned out to be under CRZ, and therefore valued at a fraction of the original projected values. Will the one-two-ka-four loan transaction of RNA Exotica and Axis Bank have a similar ending? Wait and watch.

19th June, 2016: Welcome to RNA Exotica, a premium building project by Skyline Construction Co, owned by Saranga Anil Aggarwal, where deadlines keep slipping and the number of flats to be constructed keeps shrinking year after year. The number of flats to be constructed has dropped by at least 80 since the March 2011, and the project completion date has slipped by six years. Further shrinkages may lie ahead, and slippages in possession date are definitely forecast. Also, visible manipulation of facts and figures in official documents should make investors sit up and wonder what is going on behind the scenes.

In Axis Bank's first mortgage deed registered in March 2011, RNA Exotica's project completion date was mentioned as September 2012. Given the amount of work that had to be completed within 18 months by Skyline Construction Co, the deadline was obviously a bare-faced lie. Axis Bank's first loan to RNA's Skyline Construction Co for the project was of Rs 75 crore. At that time, 459 flats were to be constructed i.e. 30 floors of 16 flats each, plus 11 floors of common amenities such as parking etc. Unsold flats and future receivables of RNA Exotica were offered as mortgage. The number of sold flats was mentioned as being 168 (2,41,350 sq. ft.), and purchasers' names and flat numbers were mentioned in tabular form.

In March 2013, Skyline got the mortgage releasedand immediately took a fresh loan of Rs 100 crore from Axis Bank for the same project. In the second mortgage deed registered in March 2013, the project completion date mentioned is March 2016-- which turned out to be another lie, causing anxiety and financial distress to many of the investors. In the 2013 mortgage deed, the project parameters changed quite dramatically. The total number of flats to be built in RNA Exotica were reduced by 35 (i.e. height reduction of two or three floors), and the number of sold flats miraculously dropped down to 66 (94,951 sq. ft.) only. (How? Did RNA Corp buy back flats from its investors?) Particulars of sold and unsold flats were not mentioned in this mortgage deed.

After a meeting with angry investors on 5th May 2016, RNA Corp issued a statement signed by some unnamed spokesperson, that flats' possession will be given in December 2017. Judging from the present progress of RNA Exotica's construction, this also is a lie. Also, further reduction of the building's height is a high probability. According to MMRDA sources, the sanctioned number of floors currently is 11+21 floors. Will it go up to 25 floors? Possibly, but not necessarily. This height reduction reflects in registered agreements. Producer Kushan Pritish Nandy's flat purchase agreement registered in 2014 said 30 upper floors.Actor Arif Zakaria's purchase agreement registered in August 2015 said 25 upper floors. Reduction of even five floors (30 minus 5) means approximately 80 flats less than earlier planned, and the top floor would be the 36th floor (11 plus 25). So what will happen to sale-purchase agreements registered for flats on 40th floor etc?

SRi SRI is popular for Art of Living, RNA Corp. is popular and infamous for Art of Lying and Art of Selling Non Existing Floors in the air (Hawa Mahal)

Mumbai, 5th March, 2016: Last week, one of RNA builders' thousands of cheated flat-purchasers sent the builder a legal ultimatum, and started taking steps for going to court after discovering that their promised 17th floor flat in RNA Regal, a project in Kandivali West, is the proverbial pie-in-the-sky! In February 2011, Sandeep Kothari and Apeksha Khabiya, a non-resident couple based in Doha-Qatar, booked a spacious 17th floor flat in RNA Regal, based on the builder's promise that they would get possession within three years. The couple planned to return to India to live in this spacious 1365 sq. ft. dream house. After paying nearly Rs 30 lakhs up front as initial booking amount, the couple was kept in the dark by RNA Corp which fed them a steady diet of outright lies during the three-year waiting period. Every time the couple phoned RNA Corp, they were informed that the project was making satisfactory progress. In the end, the couple's rude awakening consisted of not one, but three shocking jolts!

Shock # 1: When the promised possession date arrived in March 2014, Sandeep and Apeksha were shocked to learn that no further progress had been made in three years, and that the project was practically at a standstill at “25% progress”, the same as the time when they had booked the flat in Feb 2011. Today, two years after making this shocking discovery, they are still no closer to getting their dream house.

Shock # 2:Almost five years after booking the flat and two yearsafter the promised possession date (March-April 2014), the couple was shocked to discover documents through Right To Information that showed that RNA Regal didn't even have BMC permission for going up to 17 floors and above!

Shock # 3:The couple recently sent their authorised representative to visit the site and make a first-hand observation about whether the construction work is in progress. They were traumatised to learn that no construction activities were going on, and the plot where RNA Regal was expected to come up, was partly blocked by slum dwellers. The authorized representative estimated that the encroachment by slumdwellers appeared to be two to four years old.

These are many causes for worry, not only for Mr and Mrs Kothari, but also for all the flat buyers in RNA Regal! RNA Corp's owners, namely the late Anil Aggarwal, as well as his sons Anubhav and Gokul Aggarwal, have evidently been keeping a large number of buyers in the dark.

The NRI couple booked a 1365 Sq. Ft. Flat on the 17th floor of RNA Regal, by paying Rs. 29.98 lakhs between February and June 2011 against the builder's demand for Rs. 29.28 lakhs, being 25% of the flat's total cost, along with expression of interest. Against this, the builder issued a letter of allotment.

The NRI couple made this booking based on the builder's representations that they would get possession of the flatwithin three years e. in the first quarter of 2014.

Afterwards, the NRI couple regularly followed up the progress of construction of RNA Regal and were assured by the builder's office that the project was satisfactory progressing.

When the date of possession arrived in March-April 2014, RNA Corp informed the NRI couple that still, only 25% of the construction was complete, and the project was stuck due to some “additional statutory requirements”.The couple was assured that efforts were being made and the necessary clearances would be obtained soon.

Upset at being kept in the dark until their promised possession date, the NRI couple now started enquiring about the project status by email on a regular basis.

In an email dated 4th April 2014, the builder assured that that construction work would resume by June 2014.

In an email dated 14th June 2014, the builder claimed that the approvals are expected within 10-15 days.

In an email dated 2ndJanuary 2015, the builder said that the necessary approvals would take another 2-3 months.

Later on, the NRI couple's emails dated 31/07/2015, 04/08/2015, 06/08/2015, 07/08/2015 20/08/2015 and 23/08/2015 and letters dated 08/12/2015 and 05/02/2016 were acknowledged by the builder's office only with great reluctance, but they all went unanswered.

Whenever the NRI couple or their authorized representatives visited India, they made it a point to visit the builder's office to inquire about the progress on this project and understand the earliest date of their getting possession, so that they could permanently return to India and live in this house. But during their every visit, the NRI couple were told about some or the other kind progress as well as difficulties that the RNA Corp had been facing. RNA Corp continually made promises, but there was no performance to back up these promises.

In spite of repeated requests, RNA Corp did not fulfill their obligation for executing a registered Agreement for Sale.

The NRI couple got a huge shock when they learned through RTI thatRNA Corp had not even obtained approval for constructing a building with 17 or more floors!

The Kotharis requested their authorised representative to visit the site and make first hand observation about the actual progress and whether the construction work is in progress. They were traumatised to learn thatno construction activities were going on and the plot where RNA Regal was projected to be constructed was partly blocked by slum dwellers. This encroachment appeared to be 2 to 4 years old!

Driven by all these unpleasant discoveries, Sandeep Kothari and his wife Apeksha have now reached the inescapable conclusion that RNA Corp has cheated them by retaining their money for more than five years, and has kept on making false statements as well as promises, which entitles them to invoke all legal remedies against the builders, especially under Consumer Protection Act, 1986.

Postscript: Of late, RNA Corp has been in the news for failure to fulfill legal obligations to various stakeholders, including flat-buyers, project-affected-persons, lending banks, and multiple government agencies such as MCGM and MMRDA. After years or even decades of slippery behaviour by the late Anil Aggarwal and his sons Anubhav and Gokul, the patience of many stakeholders appears to have run out completely.

Mumbai, 8th February, 2016, Mumbai: So what is going on with RNA Builders? Back in December 2013, those who had purchased flats in RNA Grande, Kandivali West, must have been quite impressed by this notice issued by RNA Universal, signed by Anil Aggarwal himself, proclaiming that flat buyers would be given possession for interior decoration and furniture work in October 2014, subject to force majeure. The passing away of Anil Aggarwal in May 2014 from the complications of bariatric surgery must indeed have been a “force majeure”, because the project is very far from complete, and hundreds of flat purchasers have become “Project Affected People”. It's an old story; shit happens, and it keeps happening in Mumbai.

So, is RNA Corp the victim of a financial crisis? Or is it a willful defaulter and habitual truant? This auction notice says that RNA Corporate Park owes State Bank of India Rs 61.50 crore, and to realize this amount, parcels of land in Palghar district owned by RNA Corp Pvt. Ltd. will be auctioned. (If you have super-deep pockets and wish to bid in the auction, 23rd February 2016 is the last date for submitting your request letter of participation). But knowledgeable insiders think that SBI has joined the long list of RNA Corp's victims, because the land being auctioned is barely worth even Rs 40 crore, and so Anil's sons Anubhav and Gokul Aggarwal are saving over Rs 21 crore by being willful defaulters and letting the bank take a hit. Anil Aggarwal was a dab hand at fooling the government and the public, and he will now be laughing from the grave as his sons follow in his footsteps, they allege. It certainly looks like they could be right!

The art of selling an 18th floor flat in a 16-storey building is certainly something that the Aggarwals seem to excel at. Even Chief Minister Devendra Fadnavis isn't surprised! In October 2015, RNA Corp spent crores on this front-page cover advert in prominent national dailies, showing their closeness to the Maharashtra Chief Minister and the Mira Bhayendar politicos. Barely three months later, in January 2016, the land-grabbing by RNA in Mira-Bhayendar was discovered, and a Stop Work Notice was issued by the District Collector. But did the Chief Minister blush? Nope, he didn't bat an eyelid! Fadnavis must have been thinking, “The Aggarwals made a fool of me, so what's new? It's all right, business-as-usual, because they have been making fools of Maharashtra government for a long time”.

It is indeed a fact of life that the late Anil Aggarwal has frequently given the babaji-ka-thullu to the administration in Maharashtra, and in return, they have kept giving him fresh lifelines. Many powerful people keep raising their voices against RNA, to no avail. A lesser business group would have fled in shame from the construction industry, but RNA Corp and its group companies just keep marching on. Hats off to them!

Some instances of when people and authorities pinpointed RNA's misdoings:

Dr. Bharati Lavekar, BJP MLA from Versova, wrote this letter to CM Fadnavis last week, requesting him to cancel the agreement of Aram Nagar redevelopment project awarded to RNA by MHADA. She wrote that the tenants of Aram Nagar were kept in dark and the project would only benefit only RNA, and not tenants. The CM noted in red ink on the letter that VP MHADA should stay the redevelopment process and examine the issues.

“The SRA scheme was initiated by the government to give a better quality of life to slumdwellers by moving them into well-constructed buildings. But the developer has taken undue advantage of this scheme for the last 12 years and is causing harassment to the Project Affected Persons (PAPs),” wrote Rajya Sabha MP Ramdas Athawale in this letter to Fadnavis in February 2015. In this letter, Athawale complained that although RNA builders had undertaken the redevelopment of Parishram SRA Cooperative Housing Society in Bandra East in 2002, it had completely stopped the construction work for the last two years, stopped paying rent to the displaced persons, and bounced the cheques issued to them. Although RNA was granted Commencement Certificate (CC) in 2004, it delayed construction by continually changing the plans of the sale-component for its undue advantage. As per a CAG report and as per the SRA Act, appropriate action has to be taken against the developer, Athawale said. After the demise of Anil Agarwal, his company was required to submit fresh Annexure-3 (financial capability report), or the developer should be changed by SRA, Athawale pointed out. “The developer has constructed A1 and A2 buildings in which the height of the individual flats is less than 8 ft 3 inches. The developer was given notice to demolish the same. After that, the same buildings were regularized.” said Athawale, pointing out the collusion of the administration with Anil Aggarwal. “The developer has illegally incorporated into his project the areas occupied by shop owners who are not within the scope of the SRA scheme. Also, he has illegally incorporated open plot of market admeasuring 2300 sq. metres. The developer has included 56 bogus Project Affected Persons (PAPs) supported by bogus documents. For the last 10 years, many people were accommodated in the transit camp, in individual units admeasuring around 100 square feet, forcing the families to live in cramped conditions and raising the probability of accidents. An FIR was registered against the builders for various MRTP violations. The offences were explained in a letter to the then Chief Minister Ashok Chavan by project affected persons.

Bombay High Court passed an order against GA Builders, an RNA group entity, on 21st September 2015 for not paying rent to tenants and not getting Occupation Certificate (OC). GA Builders Pvt. Ltd. is owned by Gokul Anilkumar Aggarwal, Anubhav Anilkumar Aggarwal and Saranga Anil Aggarwal. The order in “Manjula S. Chauhan V/s. GA Builders Pvt. Ltd. and Others” panned the builder for not getting Occupation Certificate, not paying transit rent and also breach of undertaking given to the court. But this order reveals only the tip of the iceberg; the society in question, namely GA Ganga Sagar CHS of Ghatkopar East, is so full of fraud, forgery and violations committed by GA Builders in collusion with the society's office bearers, that this building can never hope to get MCGM's occupation certificate. There are many criminal and civil suits pending in Metropolitan Court and High court pending in this case.

East & West Builders (RNA Group) with the connivance of MCGM and SRA officials, illegally incorporated the Shastrinagar Municipal Market, Bandra East, and its open plot into an SRA scheme, causing MCGM an estimated loss of over Rs 150 crore. Thirteen shop owners led by Prabhakar M Shetty wrote a letter to CM Devendra Fadnavis in January 2015, explaining their plight. The letter says that in 2012, the developer demolished six shops completely and 21 shops partially, reducing their length by 12 feet and leaving only five feet. The shopkeepers were promised that they would be accommodated in the newly constructed building within six months. But till date, the construction work had not commenced, nor were they given any rent for alternative accommodation. In fact, after giving cheques to the shopkeepers, the builder fraudulently issued stop-payment instructions. All the shopkeepers' efforts to contact the developer on phone and in person have been futile. Although the developer has received IOA and CC as early as 2004, the A4 building that is supposed to be constructed for shop-owners of municipal market has not been started. The site for A4 building is currently an open plot without any obstructions or encumbrances, but the work is at a complete standstill.

In January 2012, MCGM itself had red-flagged RNA with this show-cause notice. Assistant Commissioner (Estates), MCGM, wrote to RNA's East & West Builders: “Whereas the Pariwar Safalya Cooperative Housing Society formed by the tenants on the subject property have appointed you as the developer for the redevelopment of the property; Whereas your architect has submitted the proposal for redevelopment of above property, the same was approved by Improvement Committee/Corporation under the Resolution no. 174 dated 7th Feb 2005 and No. 113 dated 10th February 2005 respectively, as per the total capitalized value amounting to Rs 29,02,91,270/- in the scheme is required to be paid by you to MCGM; Whereas you were required to complete the project within three years and also to pay remaining 90% capitalized value to MCGM before Occupation Certificate to sale component; Whereas you have failed to complete the project till date as the project completion period is already over on 17th March 2010 and therefore cost delay for payment 90% capitalized value to the MCGM till this date; Whereas it is a failure on your part to complete the project within stipulated period which is causing loss of revenue to the MCGM and hardship to the tenants residing in the old buildings who had consented for this development as per the clause in the tripartite agreement, the project period is fixed as three years from the date of issuance of the commencement certificate by Building Proposal Department. The project period can be extended by the Municipal Corporation for the reason of delay state in your reply letter subject to your consent and payment of capitalized value on revised 20:60:20 basis of approval vide ICR 175 dated 4th February 2009 and CR/1259 dated 9thFebruary 2009 respectively; This office has received orders from Additional Municipal Commissioner to inform you that the Municipal Commissioner will not extend the project period if you are not able to give satisfactory explanation of the delay in completion of the project... You are hereby finally directed to show cause within seven days on receipt of this letter and to pay the 90% capitalized value amounting to Rs 26,12,62,143/- with interest thereon at 18% calculated till 31st December 2011, amounting to Rs 8,43,91,251/-. The total amounting to Rs 34,56,53,394/- within seven days and payment of applicable stamp duty with penalty if any failing which following action will be initiated against you; The Building Proposal Department will be directed to issue stop work notice for the above referred project work and all other projects undertaken by you in MCGM; You and your companies will not be allowed to take up any other MCGM project in future; The law officer will launch prosecution against you for recovery of payment which is due to MCGM. If the building is found occupied in part or full, the building Proposal Department will be asked to issue notice u/s 353 of MMC Act and take further action, which please note”. This letter has a footnote directing Executive Engineer (Building Proposal) City to issue stop work notice to the Pariwar Safalya CHS redevelopment project and “any other project being undertaken by this developer / Notice u/s 353 of MMC Act and not to process any other redevelopment project as per AMC(ES)s order under No. AMC/ES/702/4 dated 26-12-2011.”

RTI Activist Sulaiman Bhimani, who is also a Project Affected Person (PAP), recently made a detailed complaint to the Economic Offences Wing (EOW) of Mumbai Police regarding the corrupt misdoings of Skyline Construction Company of RNA Group at its SRA project at Oshiwara District Centre (ODC), Jogeshwari West. Highlights of this complaint: “MMRDA has spent almost Rs 9 crore for repairing the substandard work in PAP building in lieu of which TDR was released, and MMRDA has not recovered any amount from the developer, the MMRDA officials accepted the substandard work without any verification. The plumber has certified that he has used AC pipes but on site very low quality and substandard PVC pipes have been used and the engineer who accepted this certificate has not put any note on it for the change of material nor raised any objection for substandard work. The Project Management Consultant (PMC) certified that Plumbing and Drainage work is done as per approved plan, but on site the story is different. The Chambers as per approved plan have been shown 1.5mts away from the building line but onsite they are touching the building line as well as the underground water tank. Due to this shoddy work the water gets contaminated and even after spending Rs 9 crores this defect still exists. The Developer was issued IOA and CC on the same day, which is very unusual. Normally IOA is issued to the developer with 38 conditions to comply and it takes almost 45 days to comply all the conditions of IOA and the developer after complying all the conditions applies for CC and the MMRDA officials visit the site to verify all the compliance but in this case the IOA and CC were issued on the same day. There is open space violation which is in violation of fire safety norms, but MMRDA officials have turned Nelson eyes even after repeated complaints. The Recreation which as per Agreement was supposed to be developed by developer not been handed over to MMRDA for Public Use even after 10 years. Pedestrian Plaza as per Agreement and IOA condition and LOI was supposed to be developed by developer, but the same is not constructed. But TDR/FSI of 55000 sft is released for the same to the developer.” The so-called pedestrian plaza is a scam whereby, without laying a single brick or redeveloping a single inch of slum land, RNA earned 55,000 square feet of TDR, worth over Rs 4,000/- per square foot. That alone means a free gift of over Rs 22 crore for the Aggarwal family. He has also pointed out how RNA Exotica in ODC has gobbled up a 25-metre public road and used it for RNA's site office.

In the case of RNA Palazzo in Kandivali West, which is being advertised as “space, Luxury and lifestyle all packed into your customized 2 BHK apartments”, 24 investors and flat purchasers have filed a complaint to EOW of Mumbai Police of outright cheating and fraud. After cumulatively paying more than Rs 50 crore (some have paid 50 percent, and other 100 percent of the value of the flat purchase), these purchasers are left high and dry, because the construction work stopped in September 2011, and has not resumed till date. The completion date was December 2012, and more thanthree years later, the Aggarwals have nothing to offer their buyers other than false assurances.

There are at least a dozen such stories about RNA Corp in Mumbai, still waiting to be told. One keeps getting calls from victims all the time – many of them so demoralized that they are unlikely to ever lift a finger to even write a letter of complaint.